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SEC Commends NGX, CSCS, others on Market Development

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The securities and Exchange Commission has commended the Nigerian Exchange Limited, the Central Securities Clearing System and other capital market stakeholders for professionally working to develop the Market while pulling through the challenges brought by Covid-19 Pandemic and its variants.

Director-general of the SEC, Mr Lamido Yuguda who spoke at a meeting with capital market stakeholders in Abuja Wednesday, said the NGX plays a very significant role in the Nigerian capital market, and as such, the Commission remains supportive of the NGX in the key role it plays towards developing the market.

The DG said the commission is aware that the advancement of new-generation information technologies, the rapid innovation of financial instruments and the impact of the COVID-19 Pandemic are gradually transforming the operations of capital markets through the introduction of sound initiatives in the financial industry eco-system.

He said, “The past two years have been challenging for the Nigerian capital market, which is largely a reflection of the Pandemic-related unexpected challenges in global markets. However, the NGX has continued to deploy capable resources to tackle elements militating against the market’s growth.

“You will agree with me that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the Nigerian capital market, including the Commission and the NGX Ltd. This emphasizes the importance of collaboration on the growth of our market”.

Yuguda said specifically, the launching of the Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and the X-Public Offer initiatives are highly commendable achievements that support our common goal of building a world-class capital market.

He therefore commended the NGX, the CSCS and other stakeholders for professionally working to develop the Market while pulling through the challenges brought by Covid-19 Pandemic and its variants.

While applauding their efforts, the SEC Boss however reminded them of the challenging task ahead and new threats brought forth by Fintech and what is expected from stakeholders to consolidate on the achieved gains while making necessary adjustments to improve market practices and remain vigilant against potential risks.

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